Calculate your monthly loan payment, total interest, and full amortisation schedule for any loan.
Rates as of Q2 2025 (example)
| Period | Date | Payment | Principal | Interest | Balance |
|---|
This is a general-purpose loan calculator that estimates your monthly repayment, total interest, and full amortisation schedule for any type of fixed-rate loan - whether it's a personal loan, business loan, or any other lump-sum loan repaid in equal instalments.
This calculator uses the standard loan amortisation formula, which calculates a fixed monthly repayment such that the loan is fully paid off (principal and interest) by the end of the term.
Formula: Monthly Repayment = [Loan Amount × Monthly Rate] ÷ [1 − 1 ÷ (1 + Monthly Rate)Months], where Monthly Rate = Annual Rate ÷ 12 and Months = Loan Term × 12. Total Interest = (Monthly Repayment × Months) − Loan Amount.
Example: An A$20,000 loan at an 8% interest rate (example rate — enter your actual rate) over a 5-year term would have a monthly repayment of about A$405.53, with total interest of roughly A$4,331.67 over the life of the loan. (Note: this example is for illustration purposes only.)
When comparing loans in Australia, look beyond the headline interest rate to the comparison rate - a standardised figure that lenders must disclose under the National Consumer Credit Protection Act, incorporating most fees into a single percentage for easier comparison between products. Loans can be secured (backed by an asset, such as a car or property, generally offering lower rates) or unsecured (no collateral, typically higher rates reflecting the lender's higher risk) - the type of loan affects both the rate you're offered and what happens if you default. Fixed-rate loans (as modelled by this calculator) have a constant interest rate and repayment for the life of the loan, while variable-rate loans can change over time as the lender adjusts rates - this calculator assumes a fixed rate throughout. For loans specific to a purpose - such as a car, home, or personal expense - our dedicated Car Loan Calculator, Home Loan Calculator, and Personal Loan Calculator may include purpose-specific features like sales tax, fees, or deposits relevant to that loan type.
A secured loan is backed by an asset (such as a car, property, or savings) that the lender can claim if you default, which generally allows for lower interest rates due to reduced lender risk. An unsecured loan has no collateral, relying on your creditworthiness alone, and typically carries higher interest rates to compensate the lender for the higher risk.
The comparison rate is a standardised rate that Australian lenders must disclose alongside the advertised interest rate, incorporating most fees and charges into a single annual percentage. It allows you to compare the true cost of loans from different lenders, even when advertised rates and fee structures differ - always check the comparison rate, not just the headline rate.
This calculator assumes a fixed interest rate for the entire loan term. For a variable-rate loan, you can use the current rate to get an estimate of your repayment at that rate, but be aware that if the rate changes, your actual repayment and total interest would differ from this estimate - you may need to recalculate periodically as rates change.
Extra repayments go directly toward reducing your principal balance, which reduces the amount of interest charged in future periods - this can significantly shorten your loan term and reduce total interest paid, especially if made early in the loan term when the balance (and thus interest) is highest. Check that your loan doesn't have early repayment fees or restrictions before making extra repayments.
A shorter term means higher monthly repayments but less total interest paid; a longer term means lower monthly repayments but more total interest over time. Choose a term that balances affordable monthly repayments with your goal of minimising total interest - use this calculator to compare different terms side by side.
Yes - this calculator estimates principal and interest repayments only, based on the loan amount, rate, and term you enter. It doesn't include establishment fees, ongoing account fees, early repayment fees, or other charges that may apply to your specific loan - check your loan's comparison rate and product disclosure statement for a full picture of fees.
Disclaimer: The information, rates, and figures provided on this page are for educational and illustrative purposes only and do not constitute financial advice. The interest rate used is an example only and does not represent a rate currently offered by any specific lender - actual rates, comparison rates, and fees depend on the lender, the loan type, and your creditworthiness, and change frequently. Always compare the comparison rate across lenders and consult a qualified financial adviser for advice specific to your circumstances.